1. Field of the Invention
The present invention relates generally to trade publication subscriptions. More specifically, the invention relates to a method and apparatus for providing trade publication subscriptions to consumers based on answers provided by consumers to a universal questionnaire.
2. Description of the Related Art
The magazine industry categorizes publications into two groups: consumer titles and trade publications. Consumer magazines are titles the public is commonly familiar with, such as National Geographic, Time, Good Housekeeping and Reader""s Digest. Trade publications, on the other hand, are primarily intended for professionals and go by names like xe2x80x9cCatalog Agexe2x80x9d, xe2x80x9cCirculation Managementxe2x80x9d, and xe2x80x9cProfessional Jewelerxe2x80x9d. For every profession or trade association there is almost invariably a trade publication, or more likely several, about the job, the work, or the industry. Trade publications are also called controlled, business or professional publications.
Trade publications differ from consumer magazines in many ways. For example, circulation sizes of trade publications are extremely small compared to that of consumer magazines. For instance, the typical trade publication has a circulation between 20,000 and 50,000 subscribers, as compared to over one million subscribers for many consumer magazines. Also, total trade publication subscriptions number approximately 81 million (divided among 3000 titles), as compared to the 300 million consumer magazines now in circulation.
Trade publication subscription qualification is governed primarily by the BPA. For instance, a consumer must qualify for a trade publication at least once for every 12-month period. That period may be arbitrary, or standard, such as from June 30 of year 1 to June 30 of year 2.
Consumer titles generate revenue from two constituencies, the consumer and the advertiser. Revenue from the consumer is based on subscription fees and newsstand sales. Trade publications, on the other hand, make virtually no revenue from the consumer, i.e., from subscriptions and newsstand sales. Instead, trade magazines make virtually all their revenue from advertising within their pages. Advertisers are willing to pay high fees because trade publications penetrate a very specific and valuable target audience. Advertisers view trade publications as a valuable resource because each trade publication targets a particular audience. Thus, publishers of trade publications are able to give away subscriptions because advertisers are willing to pay high fees to advertise within their pages. However, publishers of these trade publications only give away subscriptions to qualified readers/consumers.
Qualified consumers are determined in the following manner. First, publishers of trade publications must rent expensive lists identifying their target audience. After identification, the typical method of acquisition is direct mail, costing about 40 cents for each individual contacted (in the metric of the industry or $400 per thousand). The direct mailing includes a questionnaire with specific questions generated by the publisher. Based on the consumer""s answers to the questionnaire, the consumer may qualify for a free trade publication. However, very few of the targeted audience who receive the questionnaire typically fill it out and return it to publishers. For instance, the mail response rates average between 5% and 10%. Thus, the cost of acquisition for a free subscription to a trade publication is generally between $5 and $10, and sometimes much more.
Therefore, a need exists for an improved method and system that qualifies consumers for subscriptions to trade publications.
Consumer magazine publishers pursue consumers and subscriptions in very different ways from trade publication publishers. For instance, in the consumer environment, 60% of all new subscriptions are acquired by third-party service providers known as agents. Agents enjoy a superior economic model because they acquire subscriptions for dozens of magazines simultaneously. Thus, agents can pass on acquisition costs to multiple publishers. The agency model has no parallel in the trade publication universe.
Thus, a need exists for an improved method and system for qualifying consumers to receive subscriptions to trade publications, particularly a method and system that allows an agent to pass on acquisition costs to multiple publishers.
The present invention is directed to a method and apparatus that substantially obviates one or more of the problems due to limitations, shortcomings, and disadvantages of the related art.
One advantage of the invention is that it markets trade publications to a large, unsegmented population as opposed to a specific and limited target.
Another advantage is the universal questionnaire that incorporates thousands of questions from several publishers into an efficient series of questions that require potential subscribers to answer consumer-relevant questions only.
A further advantage is the re-qualification process that continually updates the profiles of subscribers prior to magazine renewal.
To satisfy these and other needs, one aspect of the invention includes a system for providing free trade publication subscriptions, based on a universal questionnaire. The software that implements the questionnaire determines certain trade publications that apply to each consumer, and allows the consumer to choose the trade publications he would like to receive.
In another aspect, the invention includes a system for providing renewal subscriptions based on a re-qualification process. This process is initiated at some point prior to the expiration of a subscription, or upon receipt of an address change from the subscriber. A re-qualification questionnaire is sent to determine if any consumer information has changed and if the consumer is entitled to renewals or new subscriptions.
Additional aspects of the invention are disclosed and defined by the appended claims. It is to be understood that both the foregoing general description and the following detailed description are exemplary and explanatory and are intended to provide further explanation of the invention as claimed.